Saia slumps on downbeat quarterly results

Saia

26/07/2024 14:09

** Shares of less-than-truckload carrier Saia  SAIA.O  fall
14.1% to $419.98 premarket
    ** Co reports a Q2 EPS of $3.83/shr vs analysts' estimates
of $4/shr - LSEG
    ** Quarterly revenue of $823.2 mln also misses analysts'
estimates of $826.6 mln
    ** Saia's operating ratio, which represents expenses as a
percentage of revenue, deteriorated to 83.3% from 82.7% a year
ago
    ** "The mix of business that we are handling post-disruption
is more retail in nature and tends to be lighter weighted. This,
coupled with a softer macroeconomic environment, has been a drag
on revenue per bill and on our operating ratio," Saia CEO Fritz
Holzgrefe said
    ** Average rating of 19 brokerages is a "buy"; their median
PT is $544.62 - LSEG
    ** YTD, stock has risen 11.6% vs 5.5% rise in S&P 400
Transportation index  .SPMDCTRN 

 (Reporting by Abhinav Parmar in Bengaluru)
 ((Abhinav.parmar@thomsonreuters.com))